Africa has become a hotspot for crypto-currencies, even though it’s slightly taking longer for some businesses to jump onto the bandwagon. With most African currencies growing weak by the
day, it is seeming more and more likely that cryptocurrency will become a reliable option
of purchase across Africa.
This has been an African issue for over two decades now, with certain countries having written off currencies and some countries just having really weak currencies. And as it stands South Africa seems to be going down the same slippery slope. The currency is at its weakest in years, with
the struggles the country is facing. The loadshedding has hit the economy really hard, and it
will be a difficult one to bounce back from.
Businesses Allowing Crypto
Pick ‘n Pay is one of the biggest South African superstores. From being founded in the Western Cape, Cape Town in 1967. It has become a store known all across South Africa for providing foods and other daily basic needs. Pick ‘n Pay has since ventured into liquor selling and clothing.
It allows crypto currency payments in over 39 different branches across South Africa, making it
easy for crypto users to purchase goods without having to make the transactions to Rands.
Takealot is another platform that allows Bitcoin payments. For those that don’t know, Takealot is
an online store that has almost anything and everything you would need to buy in all kinds of different stores. It outsources most of its products and gets them delivered to you in no time.
It usually takes plus, minus a day for the delivery to arrive. This company was founded by
Kim Reid in 2011.
This is the future that many consumers might have not bought into yet. As the power of the Rand keeps getting weaker locally, the best possible bet for most South Africans is to turn to a currency that will allow them easy access to their money, whilst staying stabilised with the rest of the world economy. With such establishments like Pick ‘n Pay and Takealot committing to such measures,
this could help their companies stay afloat as the fiat currency struggles to keep up with the
rest of the world.
Crypto in South Africa
Change is terrifying to people, and it always will be. It takes time for people to adjust to it, but more times than not, those that take the leap of faith always benefit the most. Sending money across countries has always been a daunting task, especially in African countries. The multiple crypto wallets that are available to African countries make it easy for money to be transferred from
one country to the other using crypto. This could help those that are working away from
their families and are looking to send money back home.
However, there is an amber light to crypto as of now. The crypto wallet/market might not be the best place to save your money. This is not a good place for your life savings or your business savings as the cryptocurrency market is very volatile and risky for long term use. The rates
change quite often and can’t be relied on. As it stands it is best for the use of transferring
and purchasing goods online as it has made life easier for most people, internationally.
South Africa is really becoming the center point for crypto